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About Citrix Systems, Inc.

Citrix is an enterprise software company focused on helping customers improve the productivity and user experience of their most valuable assets, their employees. The company creates a digital workspace that provides unified, secure, and reliable access to all applications and content employees need to be productive - anytime, anywhere, on any device. Its product line includes application virtualization software (Citrix Virtual Apps and Desktops), network access devices (Citrix ADC), and mobility applications (Citrix Endpoint Management). The US accounts for more than 50% of revenue.

Operations

Citrix operates through the Workspace, Networking, and Professional Services segments.

Workspace, over 70% of revenue, allows customers' employees to work from outside the office. Its products are Citrix Virtual Apps and Desktops, which deliver afpplications to computers and iOS and Android mobile devices. The Citrix Endpoint Management application helps corporate systems meet mobile device security and compliance requirements for "bring your own device" programs. Citrix Content Collaboration provides a secure, cloud-based file sharing and storage solution built to give users enterprise-class data services across all corporate and personal devices.

Networking, around 25% of revenue, provides Citrix ADC (application delivery controller) and Citrix SD-WAN. The products help manage network loads, improve network performance, and provide security.

Professional Services, about 5% of revenue, help customers implement Citrix products.

The company's cloud-based services run on Microsoft Azure, Google Cloud, and Amazon Web Services, as well as other providers.

Subscriptions provide about 20% of revenue while products and services generate over 20% with service and support providing the lion's share of sales, about 60%.

Geographic Reach

Citrix, headquartered in Fort Lauderdale, Florida, rings up more than 50% of revenue in the US, about a third in EMEA, and 10% from the Asia/Pacific region.

Sales and Marketing

Citrix markets and licenses its products and services through multiple channels worldwide, among them value-added resellers (VARs), independent software vendors (ISVs), and original equipment manufacturers (OEMs). The company relies on one distributor, the Arrow Group, for about 15% of sales.

Financial Performance

Citrix's revenue has been on an upward trend for the last five years, with an overall growth of 14%. After a loss in 2017, its revenue has been back on its upward track. It has an overall growth of 113%.

The company took in $3 billion in 2019, a 1% increase from 2018, primarily due to the growth in workspace revenues.

Citrix posted net income of $681.8 million in 2019 compared to $575.7 million in 2018.

The company's cash and equivalents dropped to $545.8 million in 2019 from $618.8 million in 2018 due to stock buybacks, debt payments, and cash paid for acquisitions. In 2019, operations generated about $291.7 million, investments provided $1 billion, and financing activities used $11.9 billion mainly for repayments of convertible debt.

Strategy

Citrix' growth strategy includes expanding the use of its platform through integrations with a variety of network, hardware and software systems, including human resource information and enterprise resource planning and customer relationship management systems, including through the interaction of application programming interfaces (APIs).

The company has several strategic and technology relationships with large and complex organizations, such as Microsoft, Google, SAP and other companies with which the company works to offer complementary solutions and service.

Company Background

Citrix Systems was founded in 1989 by a crew of former IBM engineers that included Edward Iacobucci. It was Iacobucci who, as a Big Blue designer in 1984 working alongside Bill Gates and a cadre of engineers from IBM and the fledgling Microsoft, led the team that developed the OS/2 operating system. Iacobucci quit IBM in 1989 and turned down a technology officer position at Microsoft to start his own business.

Iacobucci licensed Microsoft's OS/2 source code to start the Citrus Company, quickly changing the company name when one venture capitalist mistook it for a fruit concern. Waiting for investment funds, Iacobucci wrote an OS/2 programmer's guide (featuring a foreword by Gates) that significantly boosted his credibility among the software elite.

By 1991 Citrix had developed an OS/2-based program that let users on separate terminals run software off a larger computer. The week the product shipped, IBM and Microsoft called off their OS/2 development partnership. With business publications sounding the death of OS/2, Citrix in 1992 regrouped its network vision around Windows. The changes contributed to losses for 1992 and 1993.

Through a partnership with network software specialist Novell, in 1993 Citrix introduced WinView, which let non-Windows PC users tap into Microsoft programs on a network of disparate systems. Novell's clout boosted the company's distribution capabilities, and sales ballooned. Citrix went public in 1995.

Citrix Systems, Inc.

851 W Cypress Creek Rd
Fort Lauderdale, FL 33309-2040
Phone: 1 (954) 267-3000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: CTXS
Stock Exchange: , NASDAQ
Chairman: Robert M. Calderoni
Interim CFO: Mark M. Coyle
President, CEO, and Director: David J. Henshall
Employees (This Location): 600
Employees (All Locations): 8,400

Major Office Locations

Fort Lauderdale, FL

Other Locations

Palo Alto, CA
San Francisco, CA
Santa Clara, CA
Coral Gables, FL
Fort Lauderdale, FL
Alpharetta, GA
Downers Grove, IL
Bethesda, MD
Raleigh, NC
Parsippany, NJ
Redmond, WA
Osaka, Japan
Toyota, Japan